MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SANMINA SCI INDIA PRIVATE LIMITED |
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Registered Office : |
Door No. Old A – 6, New A – 51, Plot No. 90, II Avenue, Anna Nagar,
Chennai – 600 102, Tamilnadu |
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Country : |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
01.02.2002 |
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Com. Reg. No.: |
048391 |
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CIN No.: [Company
Identification No.] |
U30007TN2002PTC048391 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES16515C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a leading contract manufacturer serving the fastest-growing
segments of the global Electronics Manufacturing Services (EMS) market. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 63000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. The company is a subsidiary of
Sanmina – SCI Corporation, The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Door No. Old A – 6, New A – 51, Plot No. 90, II Avenue, Anna Nagar,
Chennai – 600 102, Tamilnadu, India |
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Tel. No.: |
91 – 44 – 5222 8888 |
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Fax No.: |
91 – 44 – 5222 8880 |
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E-Mail : |
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Website : |
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Locations: |
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DIRECTORS
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Name : |
Mr. Chu Chin Tai |
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Designation : |
Director |
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Address : |
83, Thomson Green, |
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Date of Birth/Age : |
20.11.1947 |
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Date of Appointment : |
01.02.2002 |
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Name : |
Mr. Subramaniam Kumaran |
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Designation : |
Managing Director |
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Address : |
E 16, New 42 Arignar, Anna Nagar East, Chennai – 600 102, |
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Date of Birth/Age : |
26.07.1962 |
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Date of Appointment : |
01.03.2003 |
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Name : |
Mr. Steve Harold Jackman |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.07.1966 |
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Date of Appointment : |
01.03.2003 |
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Name : |
Mr. Vincent P Melivin |
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Designation : |
Director |
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Address : |
3021 Lake |
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Date of Birth/Age : |
05.03.1963 |
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Date of Appointment : |
01.03.2003 |
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Name : |
Mr. Sheely Lynn Byers |
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Designation : |
Director |
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Address : |
205, |
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Date of Birth/Age : |
22.10.1965 |
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Date of Appointment : |
15.09.2003 |
KEY EXECUTIVES
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Name : |
Mr. Jure Sola |
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Designation : |
Chairman and Chief Executive Officer |
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Name : |
Mr. David White |
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Designation : |
Executive Vice President and Chief Financial Officer |
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Name : |
Mr. Hari Pillai |
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Designation : |
President and General Manager (Sanmina – SCI Corporation) |
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Name : |
Mr. Dennis Yound |
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Designation : |
Executive Vice President (Worldwide Sales and Marketing) |
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Name : |
Mr. Michael Tyler |
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Designation : |
Executive Vice President (General Counsel and Corporate Secretary) |
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Name : |
Mr. Walt Hussey |
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Designation : |
President (Technology Components Group) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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AET Holdings Limited |
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490000 |
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Sanmina – SCI Systems Singapore Private Limited |
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109840 |
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Category |
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Percentage of
Holding |
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Foreign holdings (Foreign Institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or others. |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a leading contract manufacturer serving the fastest-growing
segments of the global Electronics Manufacturing Services (EMS) market. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 25.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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10.857 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(6.654) |
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NETWORTH |
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15.857 |
(1.654) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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52.945 |
52.725 |
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TOTAL BORROWING |
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52.945 |
52.725 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.590 |
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TOTAL |
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68.802 |
51.661 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.073 |
9.189 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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1.090 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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30.945 |
28.212 |
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Cash & Bank Balances |
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24.405 |
10.451 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.146 |
8.653 |
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Total
Current Assets |
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65.496 |
47.316 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.328 |
2.672 |
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Provisions |
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3.530 |
2.172 |
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Total
Current Liabilities |
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6.858 |
4.844 |
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Net Current Assets |
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58.639 |
42.472 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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68.802 |
51.661 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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150.000 |
100.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.77 |
(34.81) |
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Current Ratio (Current Asset/Current Liability) |
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9.55 |
9.77 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Profile
Subject is a leading electronics contract manufacturer
serving the fastest-growing segments of the global Electronics Manufacturing
Services (EMS) market. Recognized as a technology leader, subject provides
end-to-end manufacturing solutions, delivering unsurpassed quality and support
to OEMs primarily in the communications, defense and aerospace, industrial and
medical instrumentation, multimedia and consumer, computer and server, and
automotive technology sectors. Sanmina-SCI has facilities strategically located
in key regions throughout the world.
Since they began in 1980, subject has adhered to a “customer
centric” philosophy that puts the customer first and delivers what each defines
as value. Today Sanmina-SCI provides complete end-to-end manufacturing services
to companies of all sizes, geographic locations and end markets.
Company Information
Headquartered in
- Total
manufacturing solution
- World-class
manufacturing facilities in 19 countries and five continents
- Product
design and engineering resources
- Advanced
supply chain management
- Expertise in
select end markets
- New Product
Introduction (NPI) and preproduction
- Logistics and
post-manufacturing repair/warranty
- Quality,
flexibility and responsiveness
- Common IT
platform
- Customer-focused
organization
Sanmina-SCI
Philosophy
Outsourcing is becoming increasingly necessary for Original
Equipment Manufacturers (OEMs) in their quest to boost return on capital and
focus on core competencies such as product development, marketing and branding.
As a result, the
Their customer-focused
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.33 |
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1 |
Rs. 82.63 |
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Euro |
1 |
Rs. 55.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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